News
Delta Mining and
Exploration Corporate Update
LEWISBURG, Ky., April
30 /PRNewswire-FirstCall/ -- After receiving positive results from
Apex GeoScience LTD this past winter, management for Delta Mining and
Exploration (OTC: DMXC) has concluded that the best way for the
company to move forward and attract outside investment and joint
venture capital is to authorize a share restructuring program.
Therefore, the Board of Directors has a passed a resolution
authorizing a reverse split of the shares of the Company's capital
common stock issued and outstanding on a one (1) share for one hundred
(100) shares basis.
As part of the process,
the company has amended its Certificate of Incorporation with the
State of Nevada and has applied for a new ticker symbol and Cussip
number. Notification has been received that the new symbol and share
structure will be effective on or around May 4, 2007.
Once the new symbol is
issued Delta will make an immediate announcement. This is all done
electronically and investors currently holding an equity position in
the company will see the new symbol on their accounts without having
to do anything.
There were many reasons
for this reverse. The most obvious is that the company has a bright
future and wants to further conduct exploration on the Homestead and
other properties. To do so, it needs to either raise money or partner
up with groups who would be willing to take on part or all of the
cost. The problem that the company ran into was that it became
increasingly difficult to move forward with the current share
structure.
According to Delta CEO,
Brett Rodli, "The decision to initiate the reverse-split of the stock
needed to be taken to better position the company for the future. The
'cost' of not reversing the stock could have a greater impact for
negotiating future financial and/or partnering agreements. We are
anxious to complete the reverse and pursue further exploration of our
properties."
So Mr. Rodli, along
with the Board of Directors decided that now is the best time to file
the necessary paperwork for the reverse and to take advantage of the
positive results it has received.
Once the share price is
reflected by the reverse and the new share structure is in place,
management will once again aggressively pursue financing and/or a
joint partnership in order to complete the major bulk sampling that
has been recommended.
About Delta Mining and
Exploration, Corp: http://www.deltamine.com: Delta is a mineral
exploration company with an extensive portfolio of diamond properties
in Montana, USA and in Bolivia, South America. Delta controls some
7500 acres throughout Montana located within the Wyoming Craton where
much of North America's diamonds have been found.
NOTE: Safe Harbor for
Forward-Looking Statements.
This press release
contains forward-looking statements within the meaning of The Private
Securities Litigation Reform Act of 1995 (the "Act"). In particular,
when used in the preceding discussion, the words "plan," "confident
that," "believe," "scheduled," "expect," or "intend to," and similar
conditional expressions are intended to identify forward-looking
statements within the meaning of the Act and are subject to the safe
harbor created by the Act. Such statements are subject to certain
risks and uncertainties and actual results could differ materially
from those expressed in any of the forward-looking statements. Such
risks and uncertainties include, but are not limited to, the ability
of the Company to complete the planned bridge financing, market
conditions, the general acceptance of the Company's products and
technologies, competitive factors, timing, and other risks described
in the Company's SEC reports and filings.
SOURCE Delta Mining and
Exploration
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